Gold Plunges 3% to $4,330 as Strong Jobs Data Fuel Rate-Hike Bets

Spot gold plunged over 3% to around $4,330/oz on June 5 after May nonfarm payrolls beat forecasts at 172,000 jobs, lifting the dollar and Treasury yields. The drop followed a volatile week where prices briefly recovered above $4,540 on June 2 amid tentative Israel-Lebanon truce hopes, then retreated below $4,450 as U.S.-Iran talks stalled. By June 6, fading ceasefire prospects further eroded safe-haven demand, pushing gold toward multi-month lows and a roughly 2.2% weekly loss despite persistent Middle East tensions.